US Existing Home Sales Fell 5.9 Percent in March, Largest Drop in More Than 2 Years

The median home sales price continued to grow at 2.7 percent year over year to a new national median of $403,700, an all-time high for the month of March.

A home for sale in Austin, Texas, on Oct. 16, 2023. Brandon Bell/Getty Images

Existing single-family home sales across the United States fell by 5.9 percent in March from February—the steepest monthly drop since November 2022—and were down by 2.4 percent year over year, the National Association of Realtors (NAR) said in an April 24 statement.

“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” NAR Chief Economist Lawrence Yun said. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”